Named Fibra STAY, the trust would comprise 42 hotels owned by the company, and Hoteles City Express would maintain a majority shareholding in the vehicle, it said in a statement.

The company said the sum raised would go towards the development of Hoteles City Express and its network of hotels.

Fibras are similar to U.S. real estate investment trusts, or REITs, and issue certificates that function much like shares on the bourse. ($1 = 18.6988 Mexican pesos) (Reporting by Mexico City Newsroom; Editing by Gopakumar Warrier)